Pippin [PIPPIN] attempted a breakout from the consolidation range with the upside move holding on intraday charts.
The memecoin hiked 11% and touched a local high of $0.39, the upper boundary of the current range, before slightly falling back.
As of this writing, PIPPIN traded at $0.36, up 8.41% on the daily charts. This price hike was backed by a 72% increase in trading volume, reflecting renewed market momentum.
PIPPIN traders show no clear consensus
After the broader market signaled a rebound, PIPPIN saw renewed interest across all market participants. While some buyers stepped in and defended key levels at $0.3, others positioned themselves, awaiting a major move.
Moreover, demand for Futures positions rose significantly. According to CoinGlass data, Derivatives Volume rose 146% to $471 million, while Open Interest rose 11% to $96 million.
Typically, such a jump in OI and volume indicated increased participation and capital inflows into either short or long positions. In fact, over $156 million flowed into the derivatives market over the past 24 hours.
Meanwhile, the Long/Short Ratio on Binance and Bybit jumped to 1.19, with longs accounting for 54% and shorts for 45.6%.
When this ratio holds above 1, it suggests that most market participants were bullish and took long positions.
However, on Binance alone, the long-short account ratio has remained around 0.92, indicating market indifference toward the next move.
Why does sideways movement persist?
PIPPIN failed to break out of the current range as holders and traders jumped in and cashed out. In fact, selling pressure skyrocketed significantly after the memecoin rose above $0.36.
According to Coinalyze data, Sell Volume rose to 101 million, while Buy Volume climbed to 84 million. This left the market with a negative net volume of -17 million, clearly indicating seller dominance.
Often, increased selling pressure on the Spot tends to strengthen the downside momentum, leading to lower prices if derivatives fail to keep pace.
Looking at momentum indicators, they point towards strong downside momentum. For starters, the memecoin’s Stochastic RSI, despite a bullish crossover, remained deeply oversold.
At press time, this indicator sat around 4.9, indicating that a seller-driven downside momentum is dominant in the market.
Likewise, although MACD DEMA made a bullish crossover, it remains within the negative zone, further validating the downside risk.
These conditions point towards extended market weakness. If sellers continue to dominate while derivatives record occasional flows, PIPPIN will continue trading between $0.30 and $0.40.
For a breakout out of this range, capital flows into Futures need to outpace sellers on the Spot market, making PIPPIN strong enough for a move above $0.5.
Until then, we could see an extended sideways movement unless the broader market sees a sudden pump.
Final Summary
- PIPPIN rose 11%, touched a local high of $0.39 before retracing to $0.36 at press time.
- The memecoin attempted a breakout but failed as sellers jumped into the market to realize profit.
